- Onetime solar power giant Suntech (STPFQ) plans to file for bankruptcy protection in U.S. court as its leaders negotiate with the holders of ~$540M in convertible bonds, WSJ reports.
- Suntech plans to file for protection under Chapter 15; if recognized by a U.S. judge, the Chinese solar panel maker will receive the benefits of U.S. bankruptcy law, including a halt to lawsuits and the prevention of creditors from seizing assets.
- It remains unclear how much money from the reorganized company would eventually flow to the convertible bonds the company defaulted on in March.
WSJ: Suntech plans Chapter 15 U.S. bankruptcy filing
Jan 31 2014, 15:44 ET